French retailers widening crypto acceptance
September 24, 2019, 10:55 am

French retailers widening crypto acceptance

Consumers will soon be able to pay in crypto at more than 25,000 sales points at around 30 retailers. (File photo Supplied)

French retailers are gradually widening acceptance of payments in crypto currencies, a group of companies said Tuesday on the sidelines of Paris Retail Week.

By early next year, consumers will be able to pay in crypto at more than 25,000 sales points at around 30 retailers including sportswear giant Decathlon, perfume outlet Sephora and furniture and home decor store Maisons Du Monde.

Retailers signing up to the scheme will use the Easy2Play payment platform and the EasyWallet application, in partnership with Global POS (point of sale) technology with the system due to come on stream from the first quarter of next year.

“The usual functioning of the brands will not be affected as the exchange platforms will deal with the conversion of crypto currencies into euros,” the statement read.

Crypto currencies, despite regulatory grey areas, have been gradually making inroads into commerce with bitcoin leading the way and social network Facebook is out to get in on the act with its Libra digital money slated for a 2020 rollout.

Global POS, a French platform founded in 2004, presents itself as “the leader of the dematerialization of payments, prepaid securities and digital payment.” The platform says the payments system will afford retailers a chance to “enter, without risk, the universe of the 3.0 economy,” interlinking science, business innovation and sustainability.

“If, to start off with, the service we are offering will only allow spending bitcoins, our objective is to open up our solution to other crypto currencies in the future,” stated Global POS founder Stephane Djiane.

Often volatile bitcoin, which first hit dollar parity in 2011 and soared to the brink of $20,000 per unit in December 2017 before a slump to around $6,000, has spent most of this year around the $10,000 mark.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”